I have been charged 4 nsf charges 3 of which should have never been applied. I was charged $35 on 6/8/09 and my balance was $38.09 making my balance $3.08. Because of this charge it caused a debit of $25.69 to bring my account to a negative balance, which in turn caused another NSF charge. At this point there should have never been a NSF charge at all because my account never went into a negative balance the balance would be $12.40, but instead it was -$57.60. Now when a charge of $21.35 came out of my account my balance should have been -$13.29 but BOA now has me at -$78.95 and BOA charged me another 2 charges of $35 ($70) bringing my total to -$148.95!!! My account balance should actually be at -$48.29. (see attached)
This has become a common practice with BOA, I guess this has been their way to take advantage of the economic crisis and continue to profit on accounts that run low on funds! How can it be legal to charge a debit on an account with NSF charges when the balance has not been overdrawn? Well their answer to that is to set up a savings account (with them of course) or a credit card so that they can transfer funds - from one account to another-there will be a service charge for this I'm sure! So instead they charge your account for a negative balance that "might" or "could" happen. This is plain and simple racketeering-stealing! Not only does it reflect badly on the account holder for a long time it isn't right. I spent at least an hour on a chat with the BOA representative about these charges and their explanation was that charges were authorized or pending but hadn't necessarily been sent through the bank, or an actual charge.in most of these cases they never do come through the bank but they charge the account for a NSF even if there was no actual money transaction. I was told last night by 2 BOA reps that one of these charges was credited back to my account but obviously that wasn't done.
So BOA gets taxpayer's money to "Bail them out" while they continue to charge astronomical % on small overdrawn balances-but now they charge for not having an overdrawn balance too!
Americans are struggling to feed their families, find employment, healthcare - just survive and BOA profits from their misfortune! I have a hard time believing that this country and those in power can allow this abuse to continue.
I am sending this to my representatives, the Commisoner of Banks, consumer watchdog advocates and all Federal agencies that have a consumer advocate.
I have now spent hours fighting for money that I spent hours earning.
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